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CBN Orders bank's to suspend account's linked with fraud

The Central Bank of Nigeria has ordered the Deposit Money Banks in the country to suspend the bank accounts and Bank Verification Numbers of their customers linked with any fraudulent activities.

The order was contained in a framework released by the CBN to guide the banks in the operations of the BVN.

The framework came barely one year after the CBN mandated all bank customers in the country to obtain their BVN.

As a result of the framework, a number of the DMBs have written to their customers, informing them of the development and their readiness to suspend any account linked to any fraudulent activity.

For instance, Skye Bank Plc has written to its customers,
informing them that the CBN framework on the operations of the BVN had given it the right to suspend all accounts linked to fraudulent activities.

The bank’s letter to its customers on the development, a copy of which was obtained by correspondent, read, “This is to inform you that the CBN recently released a framework to guide the operations of the BVN and a watch List for the Nigerian financial system.

The cases, according to the coalition, are in form of abduction, wanton extortion, torture and harassment of law-abiding, unlawful detention and random killing of innocent Nigerians by SARS operatives.
The coalition made this known in a statement issued on Wednesday. Jointly signed by its members, the statement the coalition warned the Police authorities during its protest on 11 December 2017 that would start losing patience with SARS after 21 days.
#EndSARS #ReformPoliceNG noted that nine days after the expiration of its ultimatum, the Police authorities are yet to take any genuine step to scrap SARS. It equally noted that the Senate and House of Representatives have been indifferent.
“In fact, we can confirm that the brutality of these uncouth SARS operatives has grossly exacerbated, to say the least, since the #EndSARS #ReformPoliceNG campaign begun. Between December 2017 and now, we have collated over 250 new cases,” said the coalition.
On 9 January, said #EndSARS #ReformPoliceN…

“On behalf of O’tega and Adjogbe, I ended up quarrelling with political friends and associates of mine I had known ever before I met them”, he said.
“When APC started in Delta, it had no voice and I gave it the most committed and pronounced voice imaginable, making enemies of erstwhile political associates for the benefit of those two ingrates.
“For APC, I fought Governor Okowa, fought Tompolo. For O’tega and Adjogbe, I fought all manner of foes only for the ingrates to turn around and stab me in the back.
”I thank God for bringing me back to base. APC is a party of pathological liars, backstabbers and famished men out to milk Delta State and Nigeria dry

The Court of Appeal , Lagos Division, on Friday upheld the decision of the Federal High Court in Lagos , which ordered the interim forfeiture of a sum of $5. 9m found in Mrs . Patience Jonathan ’ s Skye Bank account .
The appellate court , in a lead judgment by Justice Mojeed Owoade , threw out the ex -President ’ s wife ’ s appeal challenging the forfeiture of the funds to the Federal Government .
It held that the appeal lacked merit.
Justice Mojisola Olatoregun of the Federal High Court in Lagos had, in April last year , ordered the temporary forfeiture of the funds after the Economic and Financial Crimes Commission argued that the money was reasonably suspected to be proceeds of fraud .
Apart from Patience ’ s personal account with $5. 9m , the judge also froze a number of accounts linked with her including an Ecobank account with a balance of N 2. 4bn opened in the name of one La Wari Furniture and Bath Limited .
But efforts to secure an order for the permanent forfeiture of the…